A couple of weekends ago, I watched my little brother Luke graduate from JMU. Dr. Rose, the outgoing President of JMU gave the commencement address. I've attended enough graduation ceremonies to know that most of them sound the same and this speech by Dr. Rose was no different. There is usually a whole lot of "be different" and "work hard" with a lot of rah-rah and the occasional funny story thrown in.
Tradition runs through all aspects of our higher education system and maybe that's why most graduation speeches sound the same. But I believe that is a disservice to undergraduates who are about to get a major shock when they jump into the real world. So here are the key points I'd use in a speech.
Sure, you have a college degree from a "prestigious" university. So does everyone else you're competing with. If you're from a privileged upper middle class existence like me, you've been told how wonderful you are all your life. Let's get it straight right now, you don't matter for shit. Once you accept that fact, you can begin to figure out how you actually can build yourself into something that does matter to other people. You can figure out how to make real a difference in the world. But before you figure out how to make a difference...
Your first job out of college will have a lot of meaningless tasks thrown at you. Work on them fervently and with passion. Learn everything you can as quickly as possible and deliver great results, even if the tasks seem "meaningless." People will take note. They will give you more responsibility. You will continue to learn and expand your horizon.
Don't listen to people who tell you to slow down. Remember that there is no speed limit. Ignore anyone that tells you that you are going to burn out or can't do it. Do you truly want to work full-time and go to graduate school at the same time while still enjoying yourself and meeting new people? Do it. Do everything with a ferocity and determination. Once you can throw yourself into anything and succeed...
Once you realize no one owes you anything and you decide to work with a passionate intensity regardless of the tasks, figure out where you want to add value. What's value? I highly recommend reading The Personal MBA by Josh Kauffman. Whether you want to start your own business, work in an existing corporation, or freelance with consulting work, that book will help you put a framework around what you want to do with your professional life.
Those are the three main professional points of advice I give to any college grad who wants to succeed and be happy in the real world. That isn't everything you need to know, but it will ultimately lead you in the right professional direction.